Ann: EQR Hits High-Grade Tungsten Zones Below Open Pit, page-29

Morgans released a research flash on Thursday
(couldn't cut and paste)

Heading -Mt Carbine will go deeper, at (a higher grade)?

Main comments made

Drilling has confirmed the continuity and planar nature of the mineral zones and has reported higher grades than were previously anticipated. The first 3 drill holes have been assayed with average mineralized grades of 0.64% 0.34% & 0.77%, higher than the overall deposit of 0.13%. Those numbers are very encouraging, although they're obviously not a Resource grade.

Made observation that Iron Duke is immediately North and East of the drilling and is not included in the current resources.

Our view and interpretation
The current drill results suggest that the resource continues consistently to depth, with some early indications that the grade is strengthening to depth. The drilling should enhance an open pit operation rather than going immediately underground. The Iron Duke is not required to support re-opening the min, but if it's where it appears to be from limited drilling, it could add substantially to production in outer years beyond 10.

EQR offers good exposure to Tungsten with potential for a resource upgrade and more efficient processing. Access and logistics, power, water and potential work are available.

Noted tungsten is considered a strategic mineral.

Chris Brown
Senior Analyst